Traders having sales up to Rs 20 lakh per annum do not need to register under the new GST Act.
Ranchi: Jharkhand Urban Development Minister C P Singh said that traders having annual sale of up to Rs 20 lakh would not have to register under the GST bill, passed by the state Assembly today.
"Traders having sales up to Rs 20 lakh per annum do not need to register under the new GST Act and traders with sales up to Rs 50 lakh will not have to follow all its provisions," Singh said.
The GST era would directly benefit customers and there would "one country, one tax and one country, one market," he told a press conference held immediately after passing of the Jharkhand Goods and Services Tax Bill in the one-day special session convened for the purpose.
Singh said that in most of the cases, the tax burden of the common man would be reduced. Replying to a query, he said that about 55,000 traders have registered under GST Act till date.
Singh also said that officials of various departments had already been trained in the new system of taxes. The GST advisory council consisting of members of the Bar, CA Association, Chambers and other professionals of different fields was set up, the minister said.
Additional Chief Secretary (Finance) Amit Khare said that Jharkhand would not lose revenue in the new GST regime as whatever revenue it might lose on the account of production of minerals etc would be compensated by the revenue gained from service tax.